Pacira BioSciences, Inc. (NASDAQ:PCRX) Q1 2023 Results Conference Call May 3, 2023 8:30 AM ET
Company Participants
Susan Mesco - Head of IR
David Stack - CEO
Ron Ellis - Chief Strategy Officer
Charles Reinhart - CFO
Conference Call Participants
David Amsellem - Piper Sandler
Glen Santangelo - Jefferies
Gregory Renza - RBC Capital Markets
Greg Fraser - Truist Securities
Rohit Bhasin - Needham & Co
Operator
Good day, and thank you for standing by. Welcome to the Q1 2023 Pacira BioSciences Inc Earnings Conference Call. All participants are in a listen-only mode. After the speakers presentation there will be question and answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Susan Mesco, Head of Investor Relations. Susan, please go ahead.
Susan Mesco
Thank you, Grace, and good morning, everyone. Welcome to today's conference call to discuss our first quarter 2023 financial results. Joining me on today's call are Dave Stack, Chairman and Chief Executive Officer; Ron Ellis, Chief Strategy Officer; and Charlie Reinhart, Chief Financial Officer. Roy Winston, Chief Medical Officer, is also here and will be joining us for today's question-and-answer session. .
Before we begin, let me remind you that this call will include forward-looking statements based on current expectations. Such statements represent our judgment as of today and may involve risks and uncertainties. For information concerning risk factors that could affect the company, please refer to the company's filings with the SEC, which are available from the SEC or our website.
With that, I will now turn the call over to Dave Stack.
David Stack
Thank you, Susan. Good morning, everyone, and thank you for joining us. The year is off to a positive start as EXPAREL continues to outpace the elective surgery market recovery as we expand utilization across key target markets and sites of care. We are focusing on three major objectives for 2023, growing revenues in a slowly recovering surgical procedure market, further advancing gross margins to the mid-to high 70% range and improving reimbursement across our portfolio with a specific focus on the NOPAIN Act and TRICARE. .
First quarter revenues of $160 million include EXPAREL sales of $130 million, ZILRETTA also was a key contributor for the quarter with sales exceeding $24 million. These results are highlighted by solid growth in EXPAREL volumes as the rollout of our 340B program continues to expand volumes within both existing and naive businesses. I'd also note that the first quarter of 2022 was unseasonably stronger than Q1 historical trends.